Thanks for the information! I agree and don’t purchase if they have a pensions.

The enterprise value for this post was taken from Yahoo key statistics. Their EV on Yahoo was 18.97M on May 31, 2013.

http://finance.yahoo.com/q/ks?s=MAG+Key+Statistics

My usual EV calculation is to take the market cap + all liabilities less cash. MAG has total liabilities of 123,837,000. So using that amount would put the EV per share much higher as the total liabilities per share would be 38.45, cash per share 7.96, current price 16.50 for an EV per share value of 46.99.